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Malcolm Tavistock
Malcolm Tavistock was a well known rail pioneer from Coltar. Career Early Career Tavistock followed his father into a career in investment banking at the Consolidated Merchant and Public Central Bank of Coltar (Merchant and Public). He entered into the business as a loan management clerk before working his way up to investment clerk. Early Interest in Railways As an investment clerk at Merchant and Public, Tavistock was responsible for scouting possible business opportunities. Tavistock's introduction to the railway industry began when he travelled to Woleseat to explore the possibility of a station in Woleseat proper. Local businessmen were looking into privately funding a stretch of railway into Woleseat as locals had thus-far blocked official government and guild proposals. Tavistock allegedly saw potential in the investment, but ultimately rejected the proposal at the time citing concerns over political obstructions and fears of potential defaults from a privately funded endeavour. It was at this time that Tavistock begun to envisage a service between Pembleton and Coltar, though the engineering effort and cost involved was far too prohibitive at such an early stage of the railway industry. The Coltar Line and Tavistock Viaduct After several more years, Tavistock had risen to Chief of Investment at the bank and had amassed a small personal fortune from his speculative investment, particularly in his industry of choice - railways. It was at this point that Tavistock made a comprehensive formal proposal to fund a Woleseat to Coltar line, complete with the now-famous Coltar Viaduct. The Rail Worker's Guild were keen to accept the proposals as Tavistock was better placed than almost anyone to secure a favourable investment loan. Merchant and Public agreed to loan one half of the cost if Tavistock could fund the viaduct and a portion of the line from third party sources. Tavistock secured just over half of the remaining investment for the line from the Rail Worker's Guild directly and decided to fund the construction of the viaduct (the final portion of the costs) himself, on the provision that he would collect a small toll for every train crossing the viaduct in return for him (and his descendants) paying for its upkeep in perpetuity. Both the bank and Rail Worker's Guild accepted this proposal at it eased concerns over the prohibitive costs of the viaduct whilst absolving them of potentially expensive upkeep. Conversely, Tavistock banked that the railway would be popular enough that the viaduct toll would prove extremely lucrative for himself. Tavistock formed the Tavistock Railway Holdings to organise the construction and future management of the viaduct, investing what is believed to be the majority of his life savings in the venture. Late Career and Retirement Tavistock spent six more years at Merchant and Public, during which time construction of the railway and viaduct was completed and the first services begun to run between Pembleton and Coltar. Tavistock retired at the age of 56 with a modest fortune. After several years the viaduct begun to break even for Tavistock and Tavistock's personal fortunes went from strength to strength as the Coltar line became increasingly popular and, conversely, the viaduct toll increasingly lucrative. Death and Financial Legacy Tavistock's final years were spent pursuing mainly philanthropic endeavours and Tavistock left his entire fortune at the time of his death to a number of different charities. The majority of the future income from the viaduct toll income was to be split between his two children and was intended to act as an income for them. Tavistock and Greytower's School Tavistock's two children, Oliver (later known as Partridge) and Phillip, attended Greytowers School. Tavistock, in his role at Merchant and Public helped secure a large loan to the school during a period of expansion and cited his admiration for the quality of the school as being a significant factor in approving the loan. In his final years he allocated a small portion of the future viaduct toll income to fund two under-privileged students to attend the school. This bursary continues today. In addition, the Coltar line was a major boon to the school, allowing them to construct a station to serve the school and massively boosting interest. A great many contemporary officials at the school attributed the school's ongoing success towards Tavistock, him having being the driving force behind the railway line. As a result of his help securing loans, the bursary he established (the first of its kind) and his role in the construction of the Coltar Line, Greytowers named a boarding house after Tavistock (House Tavistock). Controversies When Tavistock, as an investment clerk, recommended against approving a loan to the private railway endeavour in Woleseat, he was accused of having been paid off by the Woleseat Canal Company. Tavistock vehemently denied this claim. Whilst a review of his behaviour was allegedly carried out by Merchant and Public, no wrongdoing was uncovered and there were no notable repercussions for Tavistock. The public accusations did, however, highlight and exacerbate growing tensions between the Canal Company and various residents of Woleseat. Tavistockian Decision Building the Viaduct "Building the viaduct was a Tavistockian Decision" Category:Important Individuals Category:Banks Category:Organisations Category:Transport Category:Railways